To prop up declining sales of Versa, Maruti Udyog Ltd on Monday launched a low-priced version of the vehicle, which is about 15 per cent cheaper than the three existing variants.

The multi purpose vehicle Versa has been priced at Rs 327,000 (ex-showoom, Delhi), a Maruti statement said in New Delhi.

The company has sold 7,000 units of Versa since its launch.

The new five-seater Versa could also be used by the tourism industry and unlike the other three seven-seater versions of the car, the new vehicle has larger room for luggage.

Maruti offers three variants of the car -- Versa DX, Versa DX2 and the top end Versa SDX -- with price band of Rs 401,000 to Rs 492,000 (ex-showroom, Delhi).

In the MPV category, Maruti posted a 17 per cent rise to 53,476 units during (April-February 2003-04) over 45,694 units sold during the year ago period.